Spotify expresses disappointment in its own performance, rewards listeners by charging more
Spotify announced Monday that Premium subscription prices will soon rise across a generous spread of countries — including regions in Europe, the Middle East, Africa, Latin America, and the Asia-Pacific.
Impacted subscribers will receive emails in the coming weeks informing them that their monthly cost will increase from €10.99 to €11.99. The move follows Spotify’s long-standing tradition of marginal price increases wrapped in minimalist corporate sincerity.
The change comes on the heels of an earnings report that disappointed investors and anyone else still emotionally invested in tech growth stocks. The company missed revenue expectations last week, a detail that sent its stock price down 11%. On the earnings call, CEO Daniel Ek stated he was “unhappy with where [Spotify is] today,” a level of candor that investors found surprisingly refreshing from a billionaire.
Despite the reported unhappiness, Spotify remains confident in its direction, especially the one involving higher monthly charges. Ek reassured investors that the company is committed to its ambitions, most of which appear to involve sending progressively less cheerful emails to loyal users.
Spotify shares rose 5% in premarket trading following the announcement that people would be paying more for the same service that failed to meet revenue targets.
